Why did the cryptocurrency market fall today?

Over the past 24 hours, the total cryptocurrency market cap (TOTAL) and Bitcoin (BTC) price have lost a key support level on the daily chart. Although some altcoins saw notable gains, many, like BONK (BONK), saw significant declines.

In today's news: -

• According to a May 28 filing with the Securities and Exchange Commission (SEC), Hashdex has withdrawn its Ethereum Spot ETF application. The initial proposal to withdraw the application was made on May 24, immediately after the SEC approved every ETF spot deposit for ETH.
  


• The US Department of the Treasury has released a report assessing the risks associated with NFTs. The report highlighted that NFTs and similar assets are highly vulnerable to being used for scams and fraud.

The total market capitalization of cryptocurrencies is in the red

After showing signs of closing above the $2.50 trillion mark for days, the combined value of all crypto assets has fallen below it. The total market capitalization now stands at $2.46 trillion, its lowest level in almost ten days.

The next critical support is $2.39 trillion. A decline to this point would result in a 2.5% decline, which is possible. Indeed, the Ichimoku cloud appears bearish although it is lower than the candles.

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The Ichimoku Cloud is a comprehensive technical analysis indicator that identifies support and resistance, identifies trend direction, and measures momentum. Therefore, a drop to $2.39 would erase most of the gains the market saw on May 20.

Bitcoin price loses major support

Bitcoin price determines the direction of the market during daily trading hours and rightly so, it is bearish. Indeed, the world's largest crypto asset lost the critical support level of $68,500.

The Moving Average Convergence Divergence (MACD) is also changing tone from bullish to bearish after almost four weeks. The MACD is a momentum indicator that shows the relationship between two moving averages of a security's price and generates buy and sell signals.

A bearish crossover is about to occur, and if confirmed, BTC could fall to a low at $64,883, the next major support lower level.

Bearish Signals Angered BONK Investors

BONK price hit a new all-time high this week after hitting $0.00004000. But right after this feat, the meme coin fell almost 15% in the last 24 hours, sending BONK to $0.00003518.

Although the chances of further decline are high, BONK can prevent a collapse if it rebounds from the $0.000035000 support level.

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However, if this price level is lost, BONK price could drop to $0.00003000.